One of the hedge fund industry’s biggest websites has been singing the Island’s praises as a place to do business.

A special report on Hedge Week dot com takes an overview of the fund industry here, comparing it to traditional centres such as Dublin.

The site says over the past few years the Irish capital has become significantly more expensive, and staff turnover there is high.

In its report it says over the past three years, the assets of funds domiciled or administered here has grown from four an a half billion pounds to around fifteen billion.

According to Brian Donegan, the business development manager of Isle of Man Finance, the Island is on track to reach twenty six billion by 2008.

He adds there’s a target of a hundred billion US dollars for 2010, and the Treasury is very confident about achieving it.

There are no official statistics about the fund administration sector, but there are more than fifteen Island firms involved in the industry.

At the end of 2005, an estimated 70 per cent of assets were serviced by just two companies, HSBC and Fortis.